Selection of Audit Firm

All audit firms are not alike. And even within the audit firms, all partners are not alike.

By working with many firms, we have a unique insight into how the firms work. Using this knowledge, we can match the needs of the company with the audit firm and partner within that firm that is most suitable.

Alternatively, we can interview audit firms identified by the company and help the company assess which one is most suitable.

Important considerations are:

Fees

Quoted total

Fixed fee or time and materials

Firm’s reputation for going over budget and charging overrun fees

Size of Firm

Do they have enough staff to get the work done timely?

Who does the work?

Who reviews the work?

How many layers of review are there?

Technical

Are they more principles-based or rules-based?

Quality of research staff

Is there a national office or designated technical partner?

How many restatements have they had over the last several years?

PCAOB Status

What was the result of the last PCAOB review?

Is there anything that indicates they’ll have trouble during the next review?